Demand for Carbon Black is Growing at a 6% CAGR by 2033; Due to the Increase in Electric Vehicle Sales: Fact.MR
High tinting strength, thermal stability, electrical conductivity, and stable resistance are some of the properties shown by carbon black as a material that makes them fit for varied applications.
Rockville, March 23, 2023 (GLOBE NEWSWIRE) -- Due to the rapid development of carbon black as a valuable chemical, it is anticipated that the global market will expand at a 6% CAGR significantly over the next ten years and reach a value of US$ 30 billion.
The GVA of the global chemical sector will be considerably impacted by the black market for carbon. This is mostly attributable to the substance's use in a variety of products, including paints and coatings, packaging, plastics, and printing inks.
Due to these variables, it is anticipated that the carbon black market will generate 1.5 times as much money by 2031 and be worth roughly US$ 30 billion at that time.
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The revenue-generating ability of carbon black was impacted by COVID-19 as well, which contributed to the market's Y-o-Y decline. The market, however, is anticipated to stabilise by 2021's end while growing at a CAGR of about 6% during the following ten years.
The carbon black market is driven by a range of factors, including:
Carbon black is used as a reinforcing agent in the production of tires, providing strength, durability, and resistance to wear and tear. With the growing demand for tires worldwide, the demand for carbon black is also increasing.
Carbon black is used as a filler and pigment in a variety of plastics and other composite materials. With the increasing demand for these materials in various industries, including automotive, construction, and packaging, the demand for carbon black is also on the rise.
Carbon black is also used in the production of inks and coatings, providing color and stability. With the growing demand for printing inks and coatings in various industries, including packaging, printing, and automotive, the demand for carbon black is also increasing.
The automotive industry is a major consumer of carbon black, with the material being used in tire production, as well as in automotive coatings and plastics. With the growing demand for cars worldwide, the demand for carbon black is also increasing.
Carbon black is also used in the production of energy-efficient tires, which offer improved fuel efficiency and reduced carbon emissions. With the growing concern over climate change and the need to reduce greenhouse gas emissions, the demand for energy-efficient tires is on the rise, driving the demand for carbon black.
Some of the current trends in the carbon black market include:
Many manufacturers are exploring the use of sustainable and renewable sources of carbon black, such as bio-based carbon black and waste-based carbon black, to reduce the environmental impact of their operations.
Specialty carbon black, which is customized to meet specific performance requirements, is gaining popularity in various industries, including automotive, plastics, and coatings.
Carbon black is finding new applications in emerging industries, such as electric vehicles, where it is being used in the production of high-performance batteries.
Manufacturers are increasingly adopting digital technologies, such as artificial intelligence and the Internet of Things, to optimize their production processes and improve product quality.
Manufacturers are investing heavily in research and development to develop new products and technologies that can meet the evolving needs of various industries.
Many companies are exploring the use of circular economy models, which involve the reuse and recycling of waste materials, to reduce their environmental impact and improve resource efficiency.
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The carbon black market also faces several restraints, including:
Carbon black is considered a potential health hazard, with exposure to the material linked to respiratory problems and other health issues. Additionally, the production of carbon black can generate significant amounts of greenhouse gas emissions, contributing to climate change.
The prices of raw materials used in the production of carbon black, such as crude oil and natural gas, can be highly volatile, leading to fluctuations in the price of carbon black. This can make it difficult for manufacturers to plan and budget for their production costs.
Carbon black faces increasing competition from alternative materials, such as silica and other fillers, which can offer similar properties at a lower cost.
Governments across the globe are implementing increasingly stringent regulations on carbon emissions, which could impact the production and use of carbon black in various industries.
The carbon black market is highly competitive & fragmented, with numerous companies operating globally. The competition in the market is driven by various factors, including product quality, price, innovation, and brand reputation.
Birla Carbon launched its Birla Carbon Specialty Blacks product line, which includes high-performance specialty carbon blacks for various industrial applications.
Cabot Corporation introduced its TransfinityTM series of carbon black products, which are designed to provide high-performance and improved processing efficiency in the tire and rubber industries.
Key Companies Profiled
Mitsubishi Chemical Corporation
Orion Engineered Carbons S.A.
Phillips Carbon Black Limited
Tokai Carbon Co., Ltd.
Birla Carbon Public Co. Ltd.
Continental Carbon Company
Himadri Chemicals & Industries Ltd.
Asahi Carbon Co. Ltd
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Key Questions Covered in the Carbon Black Market Report
What will be the estimated size of the Market in 2023?
At what rate will the global Carbon Black sales grow until 2033?
Which are the factors hampering the Carbon Black demand?
Which region will spearhead the growth in the global industry during 2023-2033?
Which are the factors driving sales in the Carbon Black Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Recovered Carbon Black Market Sales: The global recovered carbon black (rCB) market sales accounted for a valuation of US$ 1.88 billion in 2022 and is expected to surge ahead at a CAGR of 11.1% to end up at US$ 5.42 billion by 2033. Recovered carbon black is produced from the pyrolysis of end-of-life tires. rCB is an ideal replacement for virgin carbon black.
Carbon and Graphite Market Share: The global carbon and graphite market share is anticipated to expand at a CAGR of 5.9%, rising from its current value of US$ 18 billion to US$ 32 billion by the end of 2033. Carbon and graphite are used in a variety of applications due to their superior electrical and thermal qualities, as well as their exceptional chemical stability.
Carbon Capture and Storage Market Demand: The global carbon capture and storage market demand is anticipated to surge at a CAGR of 13.4% through 2031, with the global market reaching a valuation of US$ 10.2 Billion, owing to continued investment by governments intending to reduce their overall carbon footprint by the end of 2040.
Carbon Aerogel Market Size: North America carbon aerogel market is anticipated to be a bigger market in terms of value-volume. Asia Pacific is pegged to be next in line, attributing to the high industrial growth observed in countries such as China. Japan is expected to be one of the leading consumers of carbon aerogel due to the country’s growing electronics industry.
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